MUFG and Indonesia’s Danamon establish US$100m fund

MITSUBISHI UFJ Financial Group (MUFG) subsidiaries MUFG Innovation Partners (MUIP) and MUFG Bank have established a US$100 million fund with Bank Danamon Indonesia, a commercial bank in Indonesia. 

Called the MUFG Innovation Partners Garuda No 1 Limited Investment Partnership, the fund will focus on the Indonesian market and make investments in emerging companies that are expected to have synergies with Danamon. 

Danamon was acquired by the group in 2019 as a consolidated subsidiary. 

On Tuesday (Jan 31), MUFG said the fund marks MUIP’s third. 

It added that Danamon also aims to enhance its product competitiveness, promote digitalisation, and attract new customers through collaboration with investees via the fund.

MUFG Bank and Danamon are limited partners holding a stake of 89.9 per cent and 10 per cent respectively. MUIP holds a 0.1 per cent stake as a general partner. 

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Last year, MUFG’s banking unit also announced a US$200 million investment in Indonesian fintech company Silvrr Technology, known as Akulaku.